Spain's Abengoa has signed with financial stakeholders, under Article 5 bis of the Spanish Insolvency Law, a loan that will serve as an economic injection of 106 M€.
Abengoa is protected under Article 5 bis of the Spanish Insolvency Law which, for a period of three months extendable to four, allowing the company to protect and preserve the company’s value while it works on the design and development of an appropriated viability plan for its future. Abengoa trusts the viability plan will increase the confidence of stakeholders to focus all efforts in the future of the company.
Currently, Abengoa’s main goal is to find the best solution for all involved actors – employees, investors, customers, suppliers and communities where the company is present-. Abengoa is completely committed to this goal, working day and night with counseling organizations to ensure the best result and achieve a consensus in respect to its viability plan.
To that end, Abengoa is working under the counsel of two teams: Alvarez & Marsal, specialized in assuring the viability of companies around the world; and Lazard, with a long track record in the negotiation with financial entities, who also collaborates in the selling of non-strategic assets.
Through more than 70 years of history, Abengoa has achieved a myriad of successes, such as the development of the first and second commercial solar thermal electric tower plants in the world; more than 30,000 km of transmission lines around the world, and the construction and operation of the largest parabolic trough plant in the world, located in the U.S. Abengoa has continuously oriented the activity towards innovation and technology as engines for growth and development, decidedly contributing to sustainable development.